19th October 2015
Oil prices fell on Monday as slowing growth in China raised concerns about demand for crude in the world’s largest energy consumer.
China’s economy grew 6.9 per cent in the third quarter. That was the slowest pace of growth in six years and raised the prospect of further monetary easing from Beijing.
In London, Brent fell by one-and-a-half per cent to trade below $50 a barrel, while US light crude was down by one per cent at a little over $47 a barrel having suffered its steepest run of losses in nearly two months last week.
Oil fell as Saudi Arabia, the world’s largest exporter of crude, said its shipments dropped in August amid a global supply glut.
Elsewhere on the commodity front, copper slid to its lowest in one week amid concerns about China, which is by far the world’s largest consumer of the metal.
And finally, gold edged away from a four-month high as the dollar firmed on speculation the Federal Reserve may yet raise interest rates this year.
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